BMG JV Completes Itochu Farm-in
by Rigzone Staff
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Rigzone|
Friday, October 05, 2007
The Basker Manta Gummy (BMG) Joint Venture has completed a farm-in transaction with ITOCHU, selling 20 percent interest in the joint venture.
ITOCHU paid Anzon and Beach Petroleum A$123 million cash each, making the gross value for the BMG Project A$1.23 billion.
The new participant in the BMG Joint Venture will be CIECO Exploration & Production (Australia) Pty Ltd, a wholly owned subsidiary of ITOCHU.
Both Anzon and Beach are keeping 40 percent interest in the joint venture.
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